Genesis Enterprises produces one product-MX4. The following information relat. ing to raw materials is available for the month of March:

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Beginning direct materials inventory 1,500 pounds @ $3.10 per unit Purchases made during the month . . . . . . . . . . . . . 11,000 pounds @ $3.10 per unit Direct materials placed in production 11,750 pounds

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The standard materials usage for one unit of MX4 is 2 pounds with a standard price per pound of $\$ 3.00$. Genesis produced 6,000 units of Product MX+during the month.

1. Compute the materials price and quantity variances for Genesis assuming the materials price variance is computed at the time of purchase.

2. Provide the journal entries required to record:

a. The purchase of direct materials and the materials price variance.

b. Placing the direct materials in production and the materials quantity variance